Former CEO of dental device company wanted by Seattle FBI found dead
Oct 30, 2024, 2:35 PM | Updated: 2:38 pm
Stephen Baird, a Bainbridge Island man and the former CEO of S-Ray Inc. is wanted by the FBI. (Photo courtesy of the U.S. Attorney's Office for the Western District of Washington)
(Photo courtesy of the U.S. Attorney's Office for the Western District of Washington)
A Bainbridge Island man and the former CEO of S-Ray Inc. was found dead, according to an updated news release from the U.S. Attorney’s Office for the Western District of Washington on Wednesday.
Stephen Baird, 69, was wanted for failing to show up for sentencing in U.S. District Court in Seattle.
According to The Puget Sound Business Journal, citing a spokesperson from the attorney’s office, Baird was found dead near his home in Terrebonne, Oregon. Therefore, prosecutors will file a motion to dismiss the case.
“The government will still pursue all available financial remedies on behalf of the victims,” the spokesperson said, as reported by The Puget Sound Business Journal.
The media outlet said prosecutors did not provide additional details on his death.
Baird, formerly from Bainbridge Island, defrauded investors by making false statements about his company’s product development, stated U.S. Attorney Tessa M. Gorman. Baird falsely claimed S-Ray Inc. obtained FDA authorization to market a dental device.
S-Ray Inc.’s Facebook, with the last post in 2017, states the company “is a biotech dental company that is developing a low-cost 3D imaging system based on a patented Ultrasound platform for use by dentists.”
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According to the attorney’s office, Baird was indicted in February 2023 and pleaded guilty in May 2024.
“His failure to appear means he may face additional prison time for violating his appearance bond,” the attorney’s office stated.
Gorman said Baird’s scheme started in 2012 and defrauded some 200 investors of $10.75 million. Baird told investors their money would be used to bring a product to market but instead, Baird used more than half of the investors’s money — some $5.7 million — for his family’s personal expenses, including buying a luxury car and a waterfront house on Bainbridge Island.
Many of the investors appeared in court last week to testify against Baird, according to Gorman.
“Some investors lost their entire retirement savings, the college tuitions for their children and grandchildren, and for one 94-year-old investor, the loss means choosing between medications and other daily needs,” the attorney’s office stated.
Judge Richard A. Jones issued the warrant for his arrest.
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Gorman said if anyone knows where Baird is, they are urged to contact the FBI at 206-622-0460 and ask for the duty agent.
The U.S. Attorney’s Office is also seeking forfeiture of a ranch in Terrebonne, Oregon that Barid paid for using the fraudulent money. The court entered a preliminary order of forfeiture with respect to the property.
The case is being investigated by the FBI and is being prosecuted by Assistant U.S. Attorneys Seth Wilkinson and Jehiel Baer, and Special Assistant United States Attorney Jessica M. Ly.
Editors note: This story was originally published on October 25. It has been updated and republished since then.
Julia Dallas is a content editor at MyNorthwest. You can read her stories here. Follow Julia on X here and email her here.
